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A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions. Minimum wage policies can vary significantly between countries or even within a country, with different regions, sectors, or age groups having their own minimum wage rates. These variations are often influenced by factors such as the cost of living, regional economic conditions, and industry-specific factors.
Full employment is an economic situation in which there is no cyclical or deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely structural and frictional, may remain. For instance, workers who are "between jobs" for short periods of time as they search for better employment are not counted against full employment, as such unemployment is frictional rather than cyclical. An economy with full employment might also have unemployment or underemployment where part-time workers cannot find jobs appropriate to their skill level, as such unemployment is considered structural rather than cyclical. Full employment marks the point past which expansionary fiscal and/or monetary policy cannot reduce unemployment any further without causing inflation.
The Homestead Acts were several laws in the United States by which an applicant could acquire ownership of government land or the public domain, typically called a homestead. In all, more than 160 million acres of public land, or nearly 10 percent of the total area of the United States, was given away free to 1.6 million homesteaders; most of the homesteads were west of the Mississippi River. These acts were the first sovereign decisions of post-war North–South capitalist cooperation in the United States.
The Phillips curve is an economic model, named after Bill Phillips, that correlates reduced unemployment with increasing wages in an economy. While Phillips did not directly link employment and inflation, this was a trivial deduction from his statistical findings. Paul Samuelson and Robert Solow made the connection explicit and subsequently Milton Friedman and Edmund Phelps put the theoretical structure in place.
Homesteading is a lifestyle of self-sufficiency. It is characterized by subsistence agriculture, home preservation of food, and may also involve the small scale production of textiles, clothing, and craft work for household use or sale. Pursued in different ways around the world—and in different historical eras—homesteading is generally differentiated from rural village or commune living by isolation of the homestead. Use of the term in the United States dates back to the Homestead Act (1862) and before. In sub-Saharan Africa, particularly in nations formerly controlled by the British Empire, a homestead is the household compound for a single extended family. In the UK the terms smallholder and croft are rough synonyms of homesteader.
The American frontier, also known as the Old West, and popularly known as the Wild West, encompasses the geography, history, folklore, and culture associated with the forward wave of American expansion in mainland North America that began with European colonial settlements in the early 17th century and ended with the admission of the last few contiguous western territories as states in 1912. This era of massive migration and settlement was particularly encouraged by President Thomas Jefferson following the Louisiana Purchase, giving rise to the expansionist attitude known as "manifest destiny" and historians' "Frontier Thesis". The legends, historical events and folklore of the American frontier, known as the frontier myth, have embedded themselves into United States culture so much so that the Old West, and the Western genre of media specifically, has become one of the defining features of American national identity.
The history of the United States from 1865 to 1917 was marked by the Reconstruction era, the Gilded Age, and the Progressive Era, and includes the rise of industrialization and the resulting surge of immigration in the United States.
The homestead principle is the principle by which one gains ownership of an unowned natural resource by performing an act of original appropriation. Appropriation could be enacted by putting an unowned resource to active use , joining it with previously acquired property, or by marking it as owned.
The economic history of the United States is about characteristics of and important developments in the economy of the U.S., from the colonial era to the present. The emphasis is on productivity and economic performance and how the economy was affected by new technologies, the change of size in economic sectors and the effects of legislation and government policy.
David Edward Card is a Canadian-American labour economist and the Class of 1950 Professor of Economics at the University of California, Berkeley, where he has been since 1997. He was awarded half of the 2021 Nobel Memorial Prize in Economic Sciences "for his empirical contributions to labour economics", with Joshua Angrist and Guido Imbens jointly awarded the other half.
The labor theory of property is a theory of natural law that holds that property originally comes about by the exertion of labor upon natural resources. The theory has been used to justify the homestead principle, which holds that one may gain whole permanent ownership of an unowned natural resource by performing an act of original appropriation.
George Henry Evans was a radical reformer who was in the Working Men's movement of 1829 and the trade union movements of the 1830s. Evans was born in Bromyard, Herefordshire, England, the son of George Evans and Sarah White, and had a younger brother, Frederick William Evans, who became a Shaker and served as an elder in the Mount Lebanon Shaker Society.
Social class is an important theme for historians of the United States for decades. The subject touches on many other elements of American history such as that of changing U.S. education, with greater education attainment leading to expanding household incomes for many social groups. The overall level of prosperity grew greatly in the U.S. through the 20th century as well as the 21st century, anchored in changes such as growing American advances in science and technology with American inventions such as the phonograph, the portable electric vacuum cleaner, and so on. Yet much of the debate has focused lately on whether social mobility has fallen in recent decades as income inequality has risen, what scholars such as Katherine S. Newman have called the "American nightmare."
The history of the U.S. state of Nebraska dates back to its formation as a territory by the Kansas–Nebraska Act, passed by the United States Congress on May 30, 1854. The Nebraska Territory was settled extensively under the Homestead Act of 1862 during the 1860s, and in 1867 was admitted to the Union as the 37th U.S. state. The Plains Indians are the descendants of a long line of succeeding cultures of indigenous peoples in Nebraska who occupied the area for thousands of years before European arrival and continue to do so today.
American pioneers, also known as American settlers, were predominantly White American settlers who migrated westward from the Thirteen Colonies and later the United States of America to settle and develop areas of the nation within the continent of North America.
The New York State Department of Labor is the department of the New York state government that enforces labor law and administers unemployment benefits.
The Timber Culture Act was a follow-up act to the Homestead Act. The Timber Culture Act was passed by Congress in 1873. The act allowed homesteaders to get another 160 acres (65 ha) of land if they planted trees on one-fourth of the land, because the land was "almost one entire plain of grass, which is and ever must be useless to cultivating man."
Involuntary unemployment occurs when a person is unemployed despite being willing to work at the prevailing wage. It is distinguished from voluntary unemployment, where a person chooses not to work because their reservation wage is higher than the prevailing wage. In an economy with involuntary unemployment, there is a surplus of labor at the current real wage. This occurs when there is some force that prevents the real wage rate from decreasing to the real wage rate that would equilibrate supply and demand. Structural unemployment is also involuntary.
A safety valve is a mechanism for the release of a substance from a pressurized vessel when the pressure or temperature exceeds preset limits.
Alan Manning is a British economist and professor of economics at the London School of Economics.
References
- 1 2 Danhof, Clarence H. (1941). "Economic Validity of the Safety-Valve Doctrine". The Journal of Economic History. 1: 96–106. ISSN 0022-0507.
- Goodrich, Carter, and Sol Davison, "The Wage-Earner in the Westward Movement. I. The Statement of the Problem," Political Science Quarterly, L (June 1935): 179-180.
- Goodrich, Carter, and Sol Davison, " "The Wage-Earner in the Westward Movement. II. The Question and the Sources," Political Science Quarterly, LI (March 1936): 61-116.
- Robbins, Roy M., "Horace Greeley: Land Reform and Unemployment, 1837-1862," Agricultural History, VII, 18 (January 1933).
- Robbins, Roy M., Our Landed Heritage: The Public Domain, 1776-1936 (1942).
- Shannon, Fred A., A Post Mortem of the Labor-Safety Valve Theory, Agricultural History, XIX (January 1945): 31-37.
- Smith, Henry Nash, Virgin Land: The American West as Symbol and Myth (1950). Chapter XX: The Garden as Safety Valve
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